How you want your business to be perceived by the market is essential for success and should be an area that you focus on more often. Whether you’re based solely online or have a physical store, consumers are becoming more selective with where they shop and only want to do so with places that look aesthetically pleasing — a common trait for everyone living in a digital society where visual appreciation is crucial.
Taking a focus on how your business looks to customers can help to retain current ones while acquiring new ones which is something that your company can not afford to miss out on. We take a look at how modern advertising techniques can help your business stand out from competitors and improve their visual appearance on a greater level.
Do signs really have an impact on business profitability?
If you want your business to stand out from the crowd and entice customers to shop with you, your outdoor signing must be intact. Research has suggested that 68% of consumers believe that the look of a sign reflects the quality of a business’ product or service — you might offer the best in your industry, but more than half your potential customers won’t be coming through the door if your signs aren’t looking their best.
Business signs are often overlooked, but they can have detrimental impacts on your business if they are not put in place. FedEx found that 60% of consumers said that the lack of a sign deterred them from entering a store. On top of this, 50% of consumers said that signs of poor quality (including missing letters) prevented them from entering too.
The same research confirmed that 76% of consumers entered a business they had never been to because of its signage — showing that appropriate investments could lead to more profitability across the business. However, maintenance is key.
A lot of business rely on recommendations from other customers and you might be surprised to hear that 75% of consumers recommend a friend purely because of its signs. Backing up this statistic is the fact that 60% of businesses experienced a positive increase on sales — with an average of 10% once changing the image of their brand.
Whether you’re a legacy company or a start-up business, investing more into how your business is perceived by outsiders is crucial.
It’s widely known that new businesses find it difficult to get customers through the door, but it can be made easier with signage — which is said to attract 50% of start-ups new customers. With your business being relatively new to the area, you must ensure that you stand out to everyone. Understandably, new businesses don’t want to budget for unnecessary expenses; but with the figures listed above, this should be one of the first areas of investment to ensure that you not fall at the first hurdle.
Studies have shown that around 35% of the public would not know that your business existed if there wasn’t a sign present which in turn will make it more difficult to bring awareness to your brand. Communities around the world aren’t shy of taking the time to explore new businesses in their local area, but if you aren’t making yourself visible — how can you expect them to do so?
There are different types of signs that your business could invest in, and depending on what industry you operate in, they could all bring in their own set of benefits. Taking a look at real scenarios, we found that food chains that installed a monument-styled sign, which is a freestanding structure usually designed rectangular, witnessed an increase in sales revenue was 9.3%. Similarly, when a large pole sign was installed profits grew by 15.6%.
However, this success wasn’t just present in the food sector, retail thrived too. When shopping centres identified brands that were within the complex — profits grew by 8.6%. As well as this, retail stores that placed two directional signs experienced an increase in revenue of 7.7% and those that swapped their storefront wall sign with a larger sign witnessed an 8.9% growth which evidently validate our case on company signs.
New signs available
To ensure success across your business, signage is something that you must be investing in. It’s an avenue that you must consider to advertise your business more widely. A case study found that when a business asked its customers how they found out about the business — 50% said by its signs. Other answers included word-of-mouth (33%), newspapers (9%), Yellow Pages (6%), television (1%) and radio (1%) but didn’t deliver the same results.
You want to make sure that any sign you have stands out and catches the eye. Using LED technology will ensure that your business makes the appropriate savings, and this can be run 24 hours of the day; allowing you to present yourself to a larger group of people.
Cheap when it comes to installation and costly to run, more people are using gobos and projectors to enhance their logo. Businesses will be able to simply install a projector, design a custom gobo with an embedded corporate logo and project it against a solid foundation such as the side of the building. Not only that, you can also get your projector to rotate which in turn will generate more attraction as your logo moves around and catches the eye of more passer-by’s. One key benefit to projected signs is that if you were ever to rebrand and had a physical sign, you would have to replace this — whereas redesigning a gobo to put into your projector costs next to nothing.
If you don’t know already, 85% of your customers live within a five-mile radius — so using high-quality signs can be extremely beneficial. They can propel your organisations message even further as often regular signs lack depth and modernism which has made them a thing of the past.
Sources:
https://www.lhsigns.com/some-statistics-on-why-signage-is-important-for-your-business.html